Month: August 2023

               Modus Asset Management has secured debt financing of €58m to finance the acquisition of a 93MW operational solar portfolio located throughout Poland. The lending consortium comprises BNP Paribas Bank Polska and PKO Bank Polski. Modus Poland Solar Fund I is a closed-end investment fund that invests in operating solar power plants in Poland.

               The fund owns over 113MW of solar assets in Poland. The portfolio’s revenues will be safeguarded through a combination of corporate power purchase agreement (PPA) and contracts for difference (CfD) auction tariffs. Additionally, alongside the investment facility, the lenders will furnish a bank guarantee for the corporate PPA. “We are pleased to have such reliable and committed partners supporting us in our goal of accelerating the region’s transition to renewable energy. “We have been active in the Polish renewable energy market since 2018 and the accomplishment of such size debt financing proves us that we are on the right path. “Poland is one of our core markets, where we are seeking further acquisitions in solar PV and onshore wind,” said Povilas Pečiulis, CEO of Modus Asset Management.

Credits: renews.biz [Image: Modus Asset Management]

               International solar developer Ib Vogt and Santander Corporate & Investment Banking (Santander CIB) have closed a €350m financing agreement to further accelerate the buildout of projects intended for the developer’s long-term asset ownership. The company plans to utilise the fresh capital for financing the construction of projects sourced from its own project pipeline, refinancing existing credit facilities, and expanding their bonding lines. Ib Vogt was able to secure the volume and conditions of the agreement, leveraging its high-value pipeline and proven track record, the developer said. This facility plays a vital role in Ib Vogt’s strategic objective of long-term ownership and operation of solar PV projects derived from the company’s Development, EPC, and O&M activities.

               Through this diversification, Ib Vogt aims to capitalize on future value-adding opportunities, including accessing benefits from new revenue streams, cross-selling, margin compression, and asset optimisation. Ib Vogt chief executive Anton Milner said: “As we continue to build out our project pipeline, this agreement will enable us to deliver high-quality, high-performance renewable energy assets to strengthen our own platform. “This not only benefits our business but also propels the much-needed energy transition by accelerating the buildout of clean energy resources. “We are thrilled to partner with Santander CIB, a reliable and capable financing partner who understands the economic and ecological significance of this agreement. “Our goal is to deploy this capital effectively and bring more renewable energy projects to life.”  Benoît Felix, global head of structured finance at Santander CIB, added: “Santander CIB is delighted to partner with Ib Vogt in delivering this new funding line, unlocking the next exciting phase of growth and development for this market-leading platform. “This underpins Santander’s ongoing commitment to green and sustainable financing.”

Credits: renews.biz [Image: Ib Vogt]

               Cero Generation (Cero) has become the sole owner of Nara Solar. Nara Solar, a developer specialising in utility scale early-stage photovoltaic solar energy projects, operating across Europe, was launched in 2019 as a 50:50 joint venture between Cero and Univergy Solar (Univergy). Cero has now taken full ownership of Nara Solar, purchasing Univergy’s 50% shareholding in the company to bring it under direct control within the Cero portfolio. This is a key strategic acquisition for Cero, which continues to rapidly expand its growing portfolio – currently over 11GW – and its geographical reach, the company said. With Nara Solar’s portfolio including 1GW of solar in development and an early-stage pipeline of over 1GW, spanning Spain, France and The Netherlands, the transaction reflects Cero’s growth and position as a leading player in the European renewables industry.  

               Marta Martinez Queimadelos, chief executive of Cero Generation, said: “We are delighted to welcome Nara Solar fully into Cero, having worked with the brilliant team at Univergy to create this thriving platform, and seeing it go from strength to strength since its launch in 2019. “This transaction is an important achievement for Cero, reflecting our prominent role in the European renewables market, and it enables us to continue to grow our sizeable pipeline and portfolio. “We warmly welcome Nara Solar’s employees into the Cero group, who I know have complementary strengths and shared values. “We are united in our vision of creating a sustainable future, and together we can achieve greater impact and make a substantial contribution to Europe’s journey to net zero.” Ignacio Blanco, president and chief executive of Univergy Solar, added: “The proceeds resulting from the Nara sale will allow us to strengthen the Group’s financial structure and continue with the implementation of our strategic plan. “It has been a real privilege to work shoulder to shoulder with Cero and all the professionals in Nara in such a successful alliance throughout all these years. “Univergy will keep working to be a driving force and part of the energy transition by developing, building and operating projects on consolidated markets with the aim of decarbonizing the economy.”

Credits: renews.biz [Image: Cero]